Toogood options Golden Nugget property in Newfoundland

Executive Summary

• Toogood Gold Corp. has secured an option to acquire a 100 % interest in the 3,000‑hectare Golden Nugget property adjacent to its flagship Toogood gold project in Newfoundland.
• The property hosts over 12 km of underexplored gold‑bearing trend with historic rock samples averaging ~7 g/t Au (some >50 g/t) and a 2 % NSR royalty granted to the optionors, which can be partially bought out for $1.5 M prior to commercial production.
• The earn‑in schedule requires $330,000 cash and $370,000 in common shares over four years, with an initial $50,000 cash payment due within one year of signing.

Key Details

• Property Overview – 3,000 ha land package covering >12 km of fertile gold trend; adds >10 km of Melange contact for a total >15 km strike length.
• Historical Geochemistry – 148 historic rock samples ≥1 g/t Au (avg. ~7 g/t); 36 samples ≥5 g/t Au (avg. ~26 g/t). Outcrop‑sourced samples represent 87 % of the dataset.
• High‑Grade Intercepts – Historic channel samples returned 50.2 g/t Au over 1.1 m, 87 g/t Au over 0.8 m, and 29.2 g/t Au over 2.5 m.
• Planned Work‑Program – Comprehensive coastline rock sampling and mapping to verify historic results slated to begin mid‑October.
• Option Agreement Terms – Total consideration: $330,000 cash + $370,000 in common shares (issued at the share price on issuance dates).
• Cash payments: $50k within 1 yr; $70k, $90k, $120k each within 2 yrs of effective date.
• Share issuances: 90k shares after TSX‑V approval; 40k shares at 1 yr; 60k at 2 yr; 80k at 3 yr; 100k at 4 yr.
• Royalty Provision – 2 % NSR royalty granted to optionors; Toogood may acquire 50 % of this royalty for $1.5 M before commercial production begins.
• Qualified Person – Colin Smith, MSc, PGeo (CEO & director) reviewed and approved technical information under NI 43‑101.

Notable Quotes

“The Golden Nugget acquisition represents a compelling opportunity for Toogood, adding 3,000 hectares and greater than 12 kilometres of highly prospective strike along a highly underexplored, fertile gold trend,” – Colin Smith, CEO, Toogood Gold Corp.

Materiality Assessment: Material – Positive** (significant expansion of the company’s land base with high‑grade historic data and a defined earn‑in schedule).